The market dropped precipitously this morning after the Institute for Supply Management – Chicago announced an unexpected drop in its business barometer. The Chicago Purchasing Managers’ Index fell to 46.1 in September, down from a reading of 50.0 in August (readings below 50 signal contraction). The reading was far below economists’ expectations, the lowest of which was a reading of 49.5, and shows the still dire straights of the economy – especially that of manufacturing which has relied on government stimulus to keep factories humming. With government programs, like Cash-for-clunkers, coming to a close, the weak underlying economic conditions are once again exposed. Read more...